Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin took questions from the people he follows on Twitter on Wednesday and shared his thoughts on a variety of topics, not limited to cryptocurrency. Among those asking questions was Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk.
What Happened: Buterin said he was doing a random experiment on Twitter and only the 268 people he followed on the microblogging platform could reply to the tweet.
In reply to a question from Musk about what he felt "love" is, Buterin replied with a tongue-in-cheek, “X AE A-12 don’t hurt me" remark. X Æ A-12 is the name of Musk and his partner Claire Grimes’ fifteen-month-old son.
See also: How To Buy Ethereum (ETH)
Buterin replied to Turkish-American computer scientist Emin Gun Sirer that the hardest lesson he learned from the Ethereum experience was the difficulty to coordinate people in small groups, particularly when “huge incentive conflicts” are at play.
People are harder to tightly coordinate in small groups than I expected. You can't just get everyone to sit around in a circle, see each other's inherent goodness and get along, especially when huge incentive conflicts are at play.— vitalik.eth (@VitalikButerin) September 1, 2021
Ethereum’s use-case in non fungible tokens (NFTs) surprised him the most, while his confidence that the cryptocurrency will move to proof of stake (PoS) within a span of one to two years was proved wrong, Buterin added.
"Ethereum will move to proof of stake within 1-2 years"— vitalik.eth (@VitalikButerin) September 2, 2021
The Ethereum co-founder also believes that the cryptocurrency’s Proof of Humanity (PoH) — a social identity verification system for humans — is already helping to sustain a universal basic income (UBI) mechanism. However, “sinks” for the UBI token are a challenge, he added.
PoH is already doing that! The challenge is that there need to be "sinks" for the UBI token, and not just issuance. Ultimately it boils down to the same problem as public goods funding: we need to move beyond individual donations and get to persistent commitment by *mechanisms*.— vitalik.eth (@VitalikButerin) September 2, 2021
Why It Matters: Ethereum, the second-largest cryptocurrency by market cap, has pioneered the concept of a blockchain smart contract platform. The cryptocurrency’s year-to-date gains are 414.68%, but it is down 14.2% from its all-time high of $4,362.35 reached in May.
NFTs are seen as a driver for Ethereum. Buterin has said he sees NFTs as holding more potential than simply becoming a “casino” for already wealthy celebrities.
Price Action: Ethereum is up 9.7% during the past 24 hours, trading at $3,757.14 at press time.
Photo: By TechCrunch on Flickr